Over 30% of Bybit's traffic comes from Russia

The share of Russian traffic on the Bybit crypto exchange in June was 31%, making Russia the largest source of visits to the platform's website. According to Wu Blockchain, citing the Similarweb service, the total traffic to crypto exchange websites fell by 6% compared to May. Total trading volumes on the spot and futures markets fell by about 28 and 13%, respectively, RBC Crypto reports.

Bybit is the world's second-largest crypto exchange by trading volume after Binance, according to Coinmarketcap. The world's largest crypto exchange, Binance, stopped serving users from Russia in the fall of 2023.

HTX had 21% of its site visitors in Russia in June, the same as the month before. Russia was also among the top three in terms of traffic to Bitfinex, Gate and South Korean Upbit exchanges, with traffic shares of 7, 5 and 0.3%, respectively.

Among the largest exchanges, KuCoin showed the largest increase in traffic in June (+130%), almost all major platforms saw traffic fall last month, some by more than 20%.

The largest share of visitors from the United States was traditionally on the Coinbase (67%) and Crypto.com (55%) exchanges. A significant part of the traffic of the largest exchange by trading volume, Binance, as in the previous month, was provided by South Korea (8%), India (6%), and Vietnam (7%).

In addition to the drop in traffic in June, most major crypto exchanges recorded a decrease in spot and derivative trading volumes by about 28 and 13%, respectively. On the spot market, Mexc, KuCoin, and Upbit saw the biggest declines in volumes, while CryptoCom, Binance, and OKX saw the biggest declines in derivatives. Analysts cite CoinGecko data, but note that the statistics may be distorted by bots or artificial volume inflating.

Decentralized exchanges

At the same time, in June, the share of decentralized exchanges (DEX) in the global volume of spot cryptocurrency trading reached a record 29.65% relative to traditional crypto exchanges (CEX).

DEX trading volume rose to a record $390 billion in June. After a local peak in January, DEX volumes had been declining, but began to recover in May and continued to grow in June, according to DefiLlama.

The share of DEXs in the crypto market's futures trading volume also hit a new all-time high in June, reaching 8%. This was largely due to one crypto derivatives trading platform, Hyperliquid, which accounts for 70% of all derivatives-focused DEXs, according to Defillama as of July 15.

Perhaps the drop in volumes could be linked to overall seasonal activity during the summer periods. But statistically, they do not decline in every year. For example, the volume of futures trading in the summer period, according to The Block, last declined in 2023.

Experts noted that a possible reason for this could be the transition of traders to DEX. As noted by the CIO of Kronos Research Vincent Liu, traders are losing trust in CEX, choosing lower fees, as well as seeking to independently store assets, without transferring them to third parties.

Источник: cryptocurrency.tech